Los Angeles—Penske Media Corp., owner of Deadline and six other online properties, has emerged as the leading bidder for Variety, according to a report in the Los Angeles Times.
Penske has partnered with private equity company Shamrock Capital Advisors to acquire the 107-year-old trade publication, the report said. It added that a deal to purchase Variety for around $30 million could close within the next three weeks.
Variety's parent company, Reed Elsevier put the publication up for sale in March.